Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,120 |
| 1 Bedroom | $3,290 |
| 2 Bedrooms | $3,580 |
| 3 Bedrooms | $4,530 |
| 4 Bedrooms | $4,970 |
| 5 Bedrooms | $5,765 |
| 6 Bedrooms | $6,457 |
| 7 Bedrooms | $6,974 |
| 8 Bedrooms | $7,323 |
U.S. Census Bureau data (2024)
The ZIP code 10597, located within the New York, NY HUD Metro FMR Area, has a Federal Market Rent (FMR) of $2980 for fiscal year 2024. This figure represents the maximum amount that a property must charge to be considered affordable under the Section 8 housing voucher program. However, the market rent for this area is not available, which could indicate that it's primarily a homeownership-focused community rather than a rental market.
The median home value in ZIP 10597 is $1,495,596, significantly higher than the average home values found in many other ZIP codes within the New York, NY HUD Metro FMR Area. Given this high home value, combined with the lack of rental market data and a 0.0% renter share, it's clear that 10597 is not a typical ZIP code for the area. Instead, it stands out as a premium sub-market where homeownership is dominant and rental units are scarce or non-existent.
In the context of Section 8 analysis, the absence of a significant rental market and the high median home value suggest that 10597 is not likely to be a prime location for landlords seeking properties to participate in the Section 8 program. The high FMR of $2980 further indicates that any rental units would need to be priced at or below this threshold to qualify, which might be challenging given the overall cost of living in the area.
Landlords and small-portfolio investors should consider other ZIP codes within the New York, NY HUD Metro FMR Area that have a higher renter share and more competitive market rents relative to their FMRs. These areas would present better opportunities for leveraging Section 8 vouchers to fill vacancies and ensure stable tenant income.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.